Sri Lanka appoints matchmaker for investors in former war zone

01st August 2009, www.lankabusinessonline.com

Sri Lanka's investment promotion ministry has set up a help desk to promote investments in the island's former war zone in the north and east, investment promotion minister Anura Yapa said.

The unit will help promote business links between the northern and eastern regions and the rest of the country, he told a news conference.

"This is meant to help entrepreneurs who are interested in investing in the north and east."

The matchmaking would be done under the National Enterprise Development Authority, an organisation working to help Sri Lankan companies venture abroad.

The government has said it is keen to encourage investments in the north-east after security forces defeated Tamil Tiger rebels in May.

Yapa said they have received many inquiries from local and foreign investors seeking opportunities in the north-east region.

Sri Lanka draws foreign investment for fish canning

31st July 2009, www.lankabusinessonline.com

Sri Lanka has attracted foreign investment to set up a fish processing and canning plant near the southern port city of Galle, Media Minister Anura Yapa said.

The plant, on a 13-acre site, will be a joint venture with a local collaborator, he told a news conference.

Production in the first year will be 30 million cans, going up to 44 million in the second year and 57 million cans in the third year, Yapa said.

Ten percent of output is to be sold in the local market and the rest exported.

A government statement said the estimated cost of the project, a joint venture between the state-owned Ceylon Fisheries Corporation and Spirit Wind Ltd of New Zealand, is 50 million dollars.

The island's is attracting increasing investments with the end of the war, when government forces defeated the Tamil Tigers in May.

The government is keen to promote fisheries in an effort to exploit the ocean resources surrounding the island.

Restrictions on fishing imposed during the war, to prevent the Tigers taking cover behind fishermen for attacks, have been mostly lifted and the fish catch has increased.

Emirates Telecommunications Corporation (Etisalat) is scouting for investment opportunities in Sri Lanka

30th July 2009, www.lankabusinessonline.com

Emirates Telecommunications Corporation or Etisalat is scouting for investment opportunities in Sri Lanka's fast growing telecom sector after the end of its decades long ethnic war, a top official said.

The senior official from the UAE-based operator is currently visiting the tropical island meeting stakeholders, including the Telecommunications Regulatory Commission (TRC).

"I've told the representative from Etisalat that Sri Lanka is open for investments into new or existing operations," TRC director general, Priyantha Kariyapperuma said.

"With the war over in May, there is ample scope for investments into telecom services and infrastructure facilities, especially in the north and east," he said referring to the island's two regions that were cleared of Tamil Tiger separatists.

In 2006, Etisalat said they were looking for investments in mobile operations in Sri Lanka, Greece and Yemen. The firm had also shown interest in taking up stakes in Sri Lanka's dominant phone operator Sri Lanka Telecom at one time.

Sri Lanka's pioneer mobile operator Tigo has now been put up for sale by its parent company Millicom International Cellular as part of an exit from Asian operations.

Formerly known as "Celltel", Millicom pioneered mobile services in South Asia when it commenced an analog network in Sri Lanka in 1989.

Since then four more players have entered the hotly-contested cellular market of just over 11 million users. Tigo trails at third place with a little over two million subscribers.

Millicom officials have not commented on individual firms that are in the bidding process except to say that several firms are interested.

Media reports have suggested that Axiata, a unit of Malaysia Telekom, may be looking at Millicom assets.

Randoli Perahera begins today - The most colourful pageant of Kandy Esala Perahera

1st August 2009, www.news.lk

The most colourful pageant which proudly boasts of its pomp and pageantry in the historic Kandy Esala Perahera will wend its way on the streets of Kandy tonight adding glamour to the hill capital in the country.

Elaborate arrangements are being made by the Dalada Maligawa for the colorful pageant to take to streets tonight.

The perahera will leave the maligawa at 7.48 pm facing the South to parade the streets and return to the maligawa from Raja Veediya.

Seventy elephants will parade the streets while more colourful attractions have been added to the perahera.

Additional policemen are deployed for security and protection of those participating and viewing the perahera.

15,000 Acres of Rubber to be Cultivated in Sri Lanka

1st August 2009, www.news.lk

With the demand for Sri Lankan rubber gathering momentum in the international market, the government has decided to expand the cultivation of rubber, official sources disclosed.

A number western countries and neighboring nations including India have sought natural rubber from Sri Lanka and the demand was growing more day by day.

In a bid to meet the demand, the Ministry of Plantations has given the green light to cultivate rubber in 15000 acres in the Moneragala district.

This project will come under the Rubber Entrepreneurship Development Programme to give an economic boost to the under privilege in that district.

The ministry has also planned to cultivate an additional 2500 acres with rubber using latest technology.

Bharti Airtel Lanka to invest $ 120Mn for network expansion

31st July 2009, www.WirelessFederation.com/news

Bharti Airtel Lanka, according to the CEO, Amali Nanayakkara, will make an investment of US$ 120 million in its Sri Lankan operations. Airtel has already made an investment of US$ 250 million on its first phase, CEO reportedly unveiled.

Bharti Airtel Lanka (Pvt) Ltd. will start operations in the Eastern province within the next three months and will cater to the Northern province in the near future considering customer requirements.

President, Mobile Services, Bharti Airtel, Atul Bindal said that the services could be provided cheaper if mobile service providers share towers.

High investor interest keep stock market on rise

31st July 2009, news.lk

The Colombo Stock Market continued its positive momentum with the market indices recording gains due to high investor interest in the hotels, banking and manufacturing stocks.

The All Share Price Index (ASPI) which tracks the movements of all stocks closed the day at 2,525.70 points, up by 13.86 points or 0.55% while the Milanka Price Index which tracks the most liquid stocks closed the day at 2,838.36 points, up by 15.40 points or 0.55%. The ASPI growth for the year to date stands at 68.04%. The turnover for the day was Rs.469.37 million compared with Rs.510.75 million recorded on the previous trading day. Net foreign inflow for the day amounted to Rs.101 million.

Heavily traded stocks for the day, in terms of volume were Janashakthi Insurance, Nations Trust Bank, Pan Asia Bank, Piramal Glass Ceylon, Lanka Ceramic, Lanka Cement, Lanka Walltile, Lanka Hospital Corporation, Sampath Bank, Blue Diamonds Jewellery Worldwide, John Keells Holdings and Dialog Telekom.

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